China has maintained its position as the world's largest gold consumer for the 12th consecutive year, according to the latest statistics from the World Gold Council (WGC). Despite a 10.4% year-on-year decline in purchases due to rising gold prices, China led global demand in 2024 with a total purchase volume of 815.5 tons.
Globally, the top five gold-consuming countries in 2024 were China, India, the US, Turkey, and Russia. Notably, Russia's gold purchases reached their highest level since 2013, securing its spot in the global top five for the first time. India retained its position as the world's second-largest gold consumer, with purchases rising by 5.5% to 802.8 tons. Thailand also saw a notable 13% increase in demand, reaching 48.8 tons and ranking 10th globally.
In contrast, gold demand in the US and Turkey declined. US gold purchases dropped by 16.9% to 209.9 tons, placing it third. Turkey, fourth on the list, experienced the sharpest decrease, with a 20.4% drop to 153.1 tons.
Other key countries in the top ten, including Iran, Vietnam, Saudi Arabia, and Egypt, also reported declines in gold consumption ranging between 0.4% and 12.1%.
Meanwhile, China's central bank has continued to increase its gold reserves. As of the end of January 2025, the People's Bank of China reported holdings of 73.45 million ounces, marking three consecutive months of increases. This figure is up from 73.29 million ounces in December and 72.96 million ounces in November. For the entire year of 2024, China's central bank added 44.17 tons of gold to its reserves, bringing the total to 2,279.57 tons, the sixth-largest in the world.
International gold prices have surged over the past year, climbing to over US$2,880 per ounce in recent trading sessions, a 42% increase compared to the same period last year. As of Feb. 5, gold prices had risen for five consecutive weeks. In China, the retail price of branded gold jewelry has followed this upward trend, increasing from RMB 779 per gram at the beginning of the year to over RMB 830 per gram by Feb. 6. Some popular gold brands, such as Chow Tai Fook, Chow Sang Sang, and Luk Fook, have listed certain 24K gold products at RMB 863 per gram.
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